Tax Tips for  2009
2009 Tax Tips

News Releases for 2009 Latest News Interest Rates Remain the Same for the First Quarter of 2010 IR-2009-107, Nov. 23, 2009 — Interest rates for the quarter begining Jan. 1, 2010, ramain the same as in the prior quarter. IRS Issues Proposed Regulations on Reporting Requirement for Payment Card and Third-Party Payment Transactions IR-2009-106, Nov. 23, 2009 — The IRS issued proposed regulations under a new statute requiring that, starting with transactions in calendar year 2011, the gross amount of payment card and third-party network transactions be reported annually to participating merchants and the IRS. Most Businesses May Take Advantage Of Expanded Loss Carryback Option Under New IRS Procedure IR-2009-105, Nov. 20, 2009 — Most businesses may use losses incurred during the economic downturn to reduce income from prior tax years, under a revenue procedure issued today by the IRS. IRS Announces 2010 VITA Grant Recipients IR-2009-104, Nov. 10, 2009 — The IRS awarded nearly $8 million in matching grants to support its Volunteer Income Tax Assistance program. Nov. 18 Webinar for Tax Professionals Details Benefits of E-File IR-2009-103, Nov. 10, 2009 — Tax professionals can hear first hand from their colleagues and e-mail questions to the Internal Revenue Service about the benefits of IRS e-file during a free Nov. 18 webinar, “E-file: Building the Case, A Panel Discussion with Tax Professionals.” New Members, Chairman Selected for ETAAC IR-2009-102, Nov. 9, 2009 — The Internal Revenue Service announced the selection of four new members and a Chairman for the Electronic Tax Administration Advisory Committee (ETAAC). The Treasury Department and the IRS Commissioner have approved the new members to serve a three-year term beginning October 2009 and ending October 2012. Tax Benefits for Education: Information Center There is a variety of tax breaks available to assist with the expense of higher education. Recovery Rebate Credit Information Center Information on the Recovery Rebate Credit. Tax Relief in Disaster Situations Tax relief provisions for disaster situations. Alternative Motor Vehicle Credit Feb. 2008 — Information on hybrid cars, including the certified car models and the amount of the tax credit or deduction for each. Frequently updated. The “What Ifs” of an Economic Downturn Here are some “What if” scenarios and the possible tax impact. 2008 Enforcement Statistics IRS Strategic Plan, Fiscal Years 2009-2013 The plan outlines how the IRS will improve service to taxpayers and enforcement of the law over the next five years. Compliance & Enforcement News A collection of recent news releases, statements and other items related to IRS compliance and enforcement efforts. Commissioner´s Comments, Statements and Remarks Various topics including tax administration, the IRS budget and tax shelters. Voluntary Disclosure Taxpayers with unreported income may apply for a voluntary disclosure agreement with the IRS.